Credit Suisse's investment banking division in Italy looks set to escape the worst of the fresh jobs cuts announced this week after the Swiss bank's country head revealed the local business is expanding and looking at acquisitions despite the global market downturn.

Luigi de Vecchi, the bank's chief executive officer for Italy, said in an interview with Il Sole 24 Ore that Credit Suisse is growing in investment banking and private banking in Italy and that future growth could be driven by a wave of mergers in industries including banking and utilities.